volume 3 issue 4 article 15

The International Monetary Fund Went through A Reform during the Global Financial Crisis: However Do We Still Need to Question Its Relevance to Today’s Global Economic System?

Author : Beston Husen Arif

Abstract: Today’s global economic system needs powerful and effective international institutions in order to be more responsible for the world economy and financial stability. Rapid change in the world economy and financial systems make it necessary to bring about reforms in the structure of the international organizations for instance International Monetary Fund (IMF). This study argues that while the IMF went through major reform during the global financial crisis, it still needs further reform to increase its ability to respond economic crisis effectively and to help developing countries in the global economy. The reform could be achieved through reorganization of the IMF’s administration, voting powers, quotas share and installing new plans for helping developing countries.